TechnipFMC has set its sights on a significant increase in orders this year as the global economy continues to recover from last year's downturn caused by the coronavirus pandemic.

The contracting giant has already received $1.5 billion-worth of orders this year and expects the total to exceed $4 billion by the end of 2021, chief executive Doug Pferdehirt told the JP Morgan Energy, Power & Renewables Conference this week.

Pferdehirt said the increase in offshore activity in recent months has been considerable.